SK E&S is pushing for a large-scale LNG infrastructure construction project in the Philippines.
The company announced on June 7 that it had signed a letter of intent (LOI) with the Philippines’ Department of Energy proposing a LNG infrastructure project worth 1.8 trillion won.
The project aims to build an LNG terminal with annual processing capacity of five million tons, multiple medium- to large-size (600MW or above) LNG power plants and a pipeline connecting the terminal and powerplants with a maximum length of 150km, in the Luzon Island area located in the North of the Philippines.
According to the Philippines’ Department of Energy, electricity consumption in the Philippines will record annual growth of 5.6% until 2040. Also, LNG demand in the Philippines will grow 1.7% every year mainly from gas power. The Philippines’ government is reviewing ways to complete its LNG infrastructure by end of 2023 and begin LNG imports.
SK E&S official said, “If our company’s proposal to build LNG infrastructure in the Philippines is realized, the country will create jobs averaging 2,200 people a day and 800,000 people per year.”